$WILMAR INTERNATIONAL LIMITED(F34.SI)$
Listing Of Adani Wilmar On The National Stock Exchange Of India Adani Wilmar has finalised its IPO price range at Rs218-230 per share. We view this positively to unlock shareholder value by unleashing the true value of its subsidiary.
However, we expect the impact from AWL to Wilmar to be marginal as the contribution of AWL is about 5% of Wilmar Group’s earnings as compared with YKA which contributed 60-70%. We are not expecting any special dividend post listing of AWL. Maintain BUY.
Target price: S$6.00.
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